Sign up for our daily briefing
Make your busy days simpler with Axios AM/PM. Catch up on what's new and why it matters in just 5 minutes.
Catch up on the day's biggest business stories
Subscribe to Axios Closer for insights into the day’s business news and trends and why they matter
Stay on top of the latest market trends
Subscribe to Axios Markets for the latest market trends and economic insights. Sign up for free.
Sports news worthy of your time
Binge on the stats and stories that drive the sports world with Axios Sports. Sign up for free.
Tech news worthy of your time
Get our smart take on technology from the Valley and D.C. with Axios Login. Sign up for free.
Get the inside stories
Get an insider's guide to the new White House with Axios Sneak Peek. Sign up for free.
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Catch up on coronavirus stories and special reports, curated by Mike Allen everyday
Want a daily digest of the top Denver news?
Get a daily digest of the most important stories affecting your hometown with Axios Denver
Want a daily digest of the top Des Moines news?
Get a daily digest of the most important stories affecting your hometown with Axios Des Moines
Want a daily digest of the top Twin Cities news?
Get a daily digest of the most important stories affecting your hometown with Axios Twin Cities
Want a daily digest of the top Tampa Bay news?
Get a daily digest of the most important stories affecting your hometown with Axios Tampa Bay
Want a daily digest of the top Charlotte news?
Get a daily digest of the most important stories affecting your hometown with Axios Charlotte
Photo: Joby Aviation
Uber has agreed to sell Elevate, its "flying taxi" division, to Joby Aviation, the company said on Tuesday, confirming Axios' recent reporting. It's also investing $75 million into Joby as part of the deal.
Why it matters: Despite making a lot of noise about its ambitions for futuristic transportation, Uber has now sold off both its autonomous driving unit and its aircraft unit.
Details: Joby is taking in Uber's Elevate technology and team, and the companies plan to integrate each other's services into their respective apps as part of the deal.
- Elevate has developed software tools for functions like routing simulations and getting passengers from one transportation mode to another, and has a wealth of trip data that can be useful in planning how and where to make vertical take-off and landing aircraft service available, Joby Aviation exec chairman Paul Sciarra tells Axios.
- In addition to a new $75 million, Uber previously invested $50 million into Joby as part of the startup's most recent financing round.
- Joby declined to comment on the acquisition price and terms for the Elevate business.
The big picture: Joby is part of a slew of companies in the last few years that are hoping to diversify commercial air transportation beyond the planes we know today.
- The company says it plans to get FAA certification for its aircraft in 2023 and then work to make it available in the U.S.